國營企業民營化方式之探討－拍賣或管理層收購？
Other Title
Privatization of State-Owned Enterprises－Auction versus Management Buy-Out?
Date Issued
2008
Date
2008
Abstract
This thesis studies the topics related to the state-owned enterprises and the privatization of the state-owned enterprises. It discovers first that, when the government cannot prevent the manager from hollowing out the assets of the enterprises before the privatization by the mechanism of surveillance or operation, the way of privatization by management buy-out compared to auction will obtain a higher selling price. Second, when the government may prevent the manager from hollowing out the assets of the enterprise by the mechanism of operation, the way of privatization by management buy-out and auction will be indifferent. Finally, when the government is inefficient of deciding the price of the management buy-out, the way of privatization by auction compared to management buy-out will obtain a higher selling price. In the discussion of privatization, the operation of the state-owned enterprises is thought of much more inefficient than the private-owned ones. The privatization of the state-owned enterprises may effectively improve the operating efficiency, but the process of privatization may run into the agency problem of the manager hollowing out the assets of the enterprises. If the problem of the hollowing out the assets is too serious, it will eliminate the operating efficiency of the private-owned enterprises. Therefore to decide whether the state-owned enterprises need to be privatized, it must be considered if the process of privatization in government is efficient. This thesis finds, only after the operating efficiency and the privatization efficiency are all taken into account, the privatization can show the advantage which the private-owned enterprises can bring.
Subjects
Privatization
State-Owned Enterprises
Management Buy-Out
Auction
Agency Problem
Type
thesis
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